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SECURITY & FRAUD Consumers Want Biometrics – How Will Payments Respond?

With the holiday shopping season behind us, most shoppers can probably say with confidence that the worst part of the whole experience was trying to remember passwords for the eCommerce sites they shopped.

It’s not just the holiday season, either.

recent study by Visa showed that, unsurprisingly, consumers are ready to say goodbye and good riddance to passwords, both because of the friction they create when trying to remember them – and the inevitable stutter step that the “forgot password” prompt creates – and because in the aftermath of the Equifax breach, the public has never been more conscious of how far passwords fall short in preventing fraud and keeping their data secure.

“Everyone knows they have to move away from knowledge-based authentication,” said Mark Nelsen, Visa’s SVP of risk products and business intelligence. “It’s not sustainable.”

However, despite consumer and issuer enthusiasm for more secure authentication technology, industry movement around what consumers say they want instead – biometric authentication – has been slower to get off the ground than everyone would like. A lack of understanding of how to integrate and use this new technology within their financial institutions – and then what it will take in terms of cost and manpower to implement it – may be to blame, Nelsen said.

In a recent interview with Karen Webster, Nelsen explained where he’s starting to see momentum building – and how he views Visa’s role in helping issuers accelerate the journey to deploying a technology that all players across the payments ecosystem, especially consumers, are ready to embrace.

Getting Comfortable With Biometrics

Nelsen acknowledged that issuers and merchants have no higher priority than keeping consumer account credentials safe and in securing the transactions in which they are used. But knowing where to start, in the face of so many options for securing customer account data, can be complicated. So too, Nelsen said, is knowing how to align point fraud solutions at an issuer who now sees the value of taking a holistic – and enterprise-grade – approach to delivering a great consumer experience across all touchpoints with the bank: the retail bank, online and mobile channels, and payments.

As attractive as the prospect of having a single, enterprise-scale authentication platform can seem to an issuer, Nelsen said that it also becomes a little bit like boiling the ocean: “It’s a good long-term vision, but hard to get off the ground in practice.”

It was one of the big drivers, Nelsen said, behind the development of Visa ID Intelligence. Nelsen said that ID Intelligence is an ecosystem of authentication solutions to which issuers connect via a single API. Not only does ID Intelligence make a portfolio of vetted solution providers available to issuers, Nelsen said, it streamlines the integration of those solutions within the issuer’s environment. Solution providers assume the burden of integrating with Visa’s ID Intelligence API, enabling issuers to do a single integration. That, Nelsen said, makes the notion of a holistic and enterprise-grade authentication solution across all issuer touchpoints a little less daunting.

And more suitable to getting pilots off the ground, so that issuers can start to experiment with how to use biometrics in a way that adds value for their customers and their institutions.

Greasing The Gears

According to Nelsen, one of the areas in which he’s seen issuers express growing interest in getting biometric authentication pilots off the ground is account origination.

When you look at the stats, it’s not hard to see why.

Over the last four years, Nelsen said there’s been an enormous increase in credit applications – a healthy portion of which are from fraudsters who’ve stolen legitimate credentials and have attempted to use them to open new accounts. Banks now recognize that the best way to combat new account fraud is to put knowledge-based authentication in their rearview mirror, in favor of using tools like identity documents and device data to help determine whether an identity is legitimate, stolen or synthetic.

Value Proposition

Three years ago, said Nelsen, the payments world wasn’t ready for biometric authentication. Now, consumers are used to – and comfortable with – such biometric authentication as Touch ID, and even Selfie Pay – and  are impatiently waiting for the payments ecosystem to provide an authentication solution that makes passwords a relic of payments authentication history.

It’s a nudge that Nelsen said has become a call to action for issuers to do more to protect consumer data.

“Authentication and protecting consumer data is at the level it needs to be across the entire bank,” said Nelsen.

Like most things in payments, change on this scale can’t and won’t happen overnight, but the wheels of progress are starting to turn. Nelson said that’s why Visa felt it was so important to make it easy for issuers and merchants to quickly connect their systems to proven authentication technologies using Visa ID Intelligence. It’s one way, he said, to give them a running head start on keeping customer data secure, while simplifying the process of giving consumers the authentication methods they want.


Source: (Pymnts, 2018)

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Mobile Payments 2.0: Building Better Retail Experiences

Payments has by and large been a growth business for the last half decade or so, and that fact has been mappable in scores of innovations around the world. But, as PYMNTS’ Karen Webster pointed out, for all of those advances, one is conspicuously missing from the list — and that’s despite years of predictions that its ignition was just around the corner.

“Here’s one thing that the last three years hasn’t done: Increase the consumer’s appetite to turn their smartphones into a digital payment form factor when they check out in a physical store,” Webster said.

That reality was born out by two-and-a-half years of PYMNTS and InfoScout tracking figures in the marketplace through the Mobile Payments Adoption and Usage report.

Apple’s CEO, Tim Cook, can accurately boast that Apple Pay is far and away “the number one [near field communication (NFC)] payment service on mobile devices, with nearly 90 percent of all transactions globally,” but the reality undergirding that brag is that 90 percent of a really small number is an even smaller number.

After three years in the market — and no lack of fanfare — Apple Pay adoption rates have just barely gotten above the 5 percent mark. That is an accomplishment, though, as Samsung Pay is just over 4 percent after two years and the team at Android Pay devoutly hopes 2018 might be the year it cracks the 2 percent mark for usage.

As it turns out, consumers weren’t looking for a new form factor. It seems they like their payment cards just fine, understand them and know they work everywhere and, as such, customers are happy to whip them out at checkout nine times out of 10. That doesn’t mean they are deliriously in love with their payments processes and couldn’t be incentivized to make a change, however.

According to the PYMNTS’ How We Will Pay study, a Visa collaboration, 60 percent of consumers find their online and in-store shopping experiences unproductive, inefficient, time-consuming and even boring. The same study showed 66 percent are open to using devices to connect to a seamless payment experience.

Customers are looking for new and better ways to pay, but a change from a card to a phone isn’t registering as a better way to pay so much as it is registering as the same experience — now with a slightly different object in one’s hand.

Retailers in 2017 have seemingly started to come around to that idea. They have realized that while mobile payments alone aren’t sufficient to do much in the way of altering consumer behavior, mobile payments wrapped around a faster, cheaper and easier shopping experience might actually have some legs after all. If the first round of the “Pays” were dominated by technologists and financial services players, the 2.0 version has been much more about retailers and the value they can find via mobile.

The early figures even indicate that some are gaining a foothold.

Walmart Pay’s Rapid Rise  

According to the PYMNTS and InfoScout figures, Walmart Pay is showing the most potential in the shortest amount of time. With a year in the market and an adoption rate within striking distance of Apple’s at 5.1 percent, the data also showed 47.2 percent of respondents who shop at Walmart use it every time they can. Only 6.6 percent said they’ve never considered using it at all.

But Walmart’s real payments secret sauce is the value-added solutions around money and customer services the company built into the app that houses Walmart Pay. Consumers can also use that app to initiate wire transfers through MoneyGram, check gift card balances, apply coupons and have all receipts sent automatically to its Savings Catcher function.

The point, according to Walmart’s senior vice president of services, Daniel Eckert, is to meld payments into Walmart’s larger mission of saving time and money for the busy families that make up its customer base.

“There is something very powerful about the ease and simplicity of Walmart Pay,” Eckert told PYMNTS. “What’s even more powerful though, is what this means for our customers. We want to make every day easier for busy families. We’re connecting all the parts of Walmart into one seamless shopping experience with great stores, easy pickup, fast delivery, frictionless checkout and apps and websites that are simple to use.”

Walmart still has hurdles to clear, and high ones. Cash remains Walmart customers’ favorite payment method, and EBT cards can not be added to digital Walmart accounts for payments. But Walmart Pay, which is nearly unique among mobile wallet players, has built payments into an overall omnichannel experience that is sticky for consumers and gaining ground fast.

We look forward to 2018’s additions.

Target Jumps Into the Mobile Payments Race

Target was among the retailers who entered 2017 most eagerly hoping to hit the reset button, and rumors about it adding mobile payments to it services lineup began swirling early that January. Outside that initial tease, however, not much was heard on the subject until 2017’s closing weeks, when Target rolled out with a mobile payments platform of its own.

Notably, the company is not calling the offering “Target Pay,” though most tech writers seem to be.

Instead, Target announced in early December that it would be adding a mobile Wallet feature to its mobile app and offering consumers the opportunity to enter their Target REDcard credit or debit card into the wallet and use it to pay directly at the point of sale. Using its eWallet, Target customers can also use Cartwheel — its price matching feaure — with a single scan of their mobile devices at checkout. The goal is to make checkout quicker, and to offer convenient digital savings by including Cartwheel offers and weekly ad coupons, along with the 5 percent REDcard discount.

“Wallet in the Target app makes checkout easier and faster than ever,” said Mike McNamara, Target’s chief information and digital officer. “Guests are going to love the convenience of having payment, Cartwheel offers, weekly ad coupons and gift cards all in one place with Wallet.”

Target has further noted that gift cards and other rewards will also soon be storable within the Wallet. Echoing a theme, the company’s payments upgrade comes in the context of a broader digital push that has seen it moving more aggressively on eCommerce and omnichannel pursuits.

The retailer recently announced its new GiftNow service powered by Loop Commerce. The GiftNow option can be selected when viewing products on Target.com, allowing customers to assemble and send a gift electronically. Recipients can view the gift online, select the size or color of the product or pick another item entirely, thus saving time and money for both Target and its customers by ensuring gift recipients are sent items they will want to keep.

It has unveiled it would be adding 12 exclusive brands by the end of 2018, eight of which were already available during the 2017 holiday shopping season. The brands being introduced this year include products for babies and kids and apparel for both men and women.

“While there’s an incredible amount of change happening across retail, we’re focused on doing what’s best for our guests and leaning into what makes Target special,” said Target CEO and chairman Brian Cornell. “We’re making progress against our long-term strategy.”

The PoS Free Future

In other digital trends, it appears customers don’t want to wait in line at the point of sale (POS). The overwhelming success mobile payments has enjoyed while enabling line-busting at quick service restaurants (QSRs) all over the map speaks to that quite clearly.

In a recent interview with PYMNTS, Visa’s vice president of innovations, Shiv Singh, noted we are only really seeing the beginning of that trend as regards coming trends in mobile payments commerce for the next 18 to 24 months, according to his company’s Innovations For A Cashless World report. According to its findings, retail will soon be a world in which lining up at the cash wrap will no longer be a universal experience.

“We can look at Uber, or how Starbucks now takes 20 percent of its orders through mobile order-ahead,” Singh noted. “Can you imagine going to an Apple store and lining up at a cash register to pay? No, of course not. And now we have Amazon rolling out Amazon Go — it really is only a matter of time before that experience is part of Whole Foods as well.”

Anecdotally, one has seen the “POS everywhere” concept rolling out at retailers of all sizes and shapes nationwide. AmazonGo’s convenience store of the future, through which customers can select goods off the shelf and be automatically and correctly charged due to the magic of sensors. The company has had some notable execution issues with the tech, though, and those have necessitated some delays.

Walmart’s solution is a bit less high tech, but customers in Sam’s Club locations nationwide can already scan their purchases while walking the isles. Each item’s barcode is scanned through an app, which keeps a running tally of all items in the cart. Said app also offers checkout and payment options, as well.

When they are done shopping, Sam’s Club customers can tap to pay and have a receipt sent to their phones — no need to stop at the cash registers. That receipt is then shown to a Sam’s employee on the way out the door, much the way physical receipts are checked to ensure customers are actually paying for all their items. There are rumors that a similar service is coming soon to Walmart locations, though those rumors have not been confirmed.

But as solutions proliferate — and they surely will — one thing is becoming increasingly obvious: Mobile payments as a one-to-one replacement for credit cards may not have much of a future, and the adoption numbers seem to keep singing that same tune in a variety of keys in report after report.

But mobile payments that can exceed what credit cards offer — including faster checkout, clipping-free coupons and the ability to skip the front-of-the-store POS line-up, among others — those experiences seen to really have a hold on consumers.

Which means retailers have every reason to build them, and we look forward to reporting on their efforts.


Source: (Pymnts, 2017)

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Payments Testing One, Two, Three

Modern consumers have high expectations for technology. If something doesn’t work perfectly, they’re quick to grow frustrated and abandon it as junk.

“Our generation is a little bit spoiled,” said Bart van Hoek, head of Innovations with UL Transaction Security — and he said that is all the more true with payments tech.

Imagine going out for breakfast only to find that the point-of-sale (POS) terminal isn’t working. Without it, how will you pay for your meal? Maybe you happen to be carrying cash that day, but even if you’re able to hand over a crisp $20 bill to cover the cost, the experience has certainly created friction.

Online, there’s no cash to fall back on. If the payment doesn’t work the first time, said van Hoek, that sale is as good as lost. Nobody wants to see a box that says the website is experiencing technical difficulties; please try again later. The customer likely won’t even remember to try again later, and if he does, he may not return to the same site. Most shoppers just give up on the faulty site and head to a competitor to complete the purchase instead.

Perfection, however, is not easy to achieve in any singular product. In payments, there are hundreds of players involved in making every single transaction work smoothly, from acquirers and banks to regulators setting standards that must be met to, of course, the payments processor.

The point-of-sale terminal at Walgreens or Kroger must work with a credit card from Chase, a mobile payment, a foreign debit card and more. How can the company that produces the terminal ever be sure it can do all that?

Trial and error, said van Hoek. But not with real consumers or real transactions. That is where payments testing comes in. In a recent interview, van Hoek told PYMNTS how this quality assurance process works for payment technology companies, how that’s changed over the years and why this stage of product development is so important.


An Investment in Reputation

User experience is more than a buzzword, van Hoek said. Every tap on a mobile device, every imaginable payment method — all of it is about creating the most seamless and smooth user experience possible, devoid of any bugs or errors.

Testing lets the developer see how the product will perform for every customer in every situation and shows whether the software is logical and intuitive or needs to be smoothed over.

When developers invest in payments testing, they aren’t just ensuring that their product does what it’s supposed to do, said van Hoek. They’re investing in their reputation. Building a good reputation is hard. Destroying it is easy — all it takes is one bad product. Earning back consumers’ trust is more difficult the second time around.

With the speed of innovation today, it may feel like a race to get products to market, but the last thing any developer wants is to go to market only to watch the product fall apart in the real world. Between the expense of fixing it and the business lost due to damaged reputation, “Those are costs you don’t want to bear,” said van Hoek.



To achieve the highest level of product quality, the product must be subjected to a high level of testing, and that requires a lot of repetitive actions and test cases. The number of repetitive actions will only increase as new payment methods and infrastructure are introduced and must also be tested.

That’s why payments testing is often seen as a chore. But, said van Hoek, it doesn’t have to be. Today, there are tools on the market to help manage some of those repetitive tasks, freeing up human testers from pressing buttons all day to make better use of their time.

Van Hoek said that manual testing can be extremely labor-intensive and time-consuming in some cases. But that doesn’t necessarily mean artificial intelligence (AI) has to be a part of the answer, he said. It simply means that any pieces of the process that can be automated should be.

Which pieces? That’s a decision that only the company can make. Van Hoek said that, due to the complexity of some test cases, automation is not always cost-efficient, either. Individual organizations must decide what is the best combination of manual and automated testing to optimize their processes.

At UL Transaction Security, customers can submit their hardware to undergo a barrage of different uses and scenarios in UL’s test labs, and van Hoek said the company is always looking to automate even more of the process as new technologies become available. The key client problem that UL helps to address is reducing time to market by eliminating the complexity that companies are facing with new technologies and regulations flooding the market.


Divide and Conquer

In the old days, said van Hoek, testing used to be done on final products at the end of the development cycle. But today, payments testers, like UL, subject the product to smaller tests along the way. By breaking the project into manageable chunks, UL is able to be more thorough in its testing and can identify problems before the rest of the product gets built around them.

Van Hoek said that can save a lot of time and money throughout the development process, as it enables development teams to address issues as they go along rather than having to tear down and rebuild a final product that doesn’t work right.

The thinking around testing must change, he argued. It’s more about quality assurance, though testing is just one piece of a larger quality assurance process that includes identifying, anticipating, managing and resolving issues across the product, while testing focuses specifically on finding and eliminating bugs.

As development processes have become more agile, van Hoek said that testing processes throughout the lifecycle must also increase their agility.


Growth Ahead

Again, the number of payment methods out there — and the infrastructure that goes with each one — is only going to increase. There are many players trying to disrupt the industry, but people aren’t abandoning cash and credit cards to pay with their smartphones; it’s not “either/or” but “both/and.”

Cryptocurrencies are another growing method in the payments industry, and the price of bitcoin (currently around $11,000) reveals just how popular it is among its fans. Eventually, at least some consumers are going to want to spend that digital currency in real-world brick-and-mortar stores.

Money is money, and merchants want to be ready to accept whatever form of it customers want to hand them. Doing that will require new technology and new components, or new use cases for old components, van Hoek explained — all of which will need to be tested and validated before rolling out to merchants and the public — for their own good and for the good of the brand.

Source: (Pymnts, 2017)

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Paytm Says On Track To Be World’s Biggest Digital Bank

In an interview with Bloomberg published Tuesday (Nov. 28), Paytm founder Vijay Shekhar Sharma said the company is aiming to have 500 million bank accounts.

“We are unveiling our money market fund, launching our debit card and we’ll have the capabilities to allow enterprises to open business accounts,” Sharma said. “Digital payments was our entry point, we want to become a vertically-integrated financial services company.”

While Paytm Payments Bank can accept deposits and remittances, it cannot lend money to its customers. The bank will be the country’s first mobile-only bank that does not charge fees for online transactions and will not require a minimum balance. The bank is majority owned by Sharma, but telecommunications firm One97 Communications has a 49 percent stake. According to Sharma, the company can get around regulatory obstacles to offer lending by working in partnership with One97, which will launch a credit card and offer monthly installment-based loans.

“We will launch share trading and insurance products very soon,” he added. “We want to become an nternet-agei financial services company.”

Sharma explained his company is leveling the playfield. The banking system has traditionally been skewed heavily toward those with money, while the less wealthy people of India have had a tough time paying their bills or transferring money to family members.

“Buying insurance and investing through our wealth management products will become widely accessible through the payments bank,” he said.

Paytm Payments Bank is an offshoot of digital money service Paytm, an electronic payment firm which recently obtained a permit to create a payments bank and provide financial services to those underserved by the Indian financial services industry.


Source: (Pymnts, 2017)

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APPLE PAY P2P Payments Coming To Apple Watch In The Autumn





Peer-to-peer payments are coming to the Apple Watch this fall with the release of iOS 11 and watchOS 4.

On its website, Apple said that Apple Pay users will be able to send and receive money quickly, easily and securely via its peer-to-peer payment platform. The feature will be available right in Messenger, or users can tell Siri to pay someone using a virtual debit card or credit card already loaded into the digital wallet. When users get paid, they will receive the money instantly in the new Apple Pay Cash card that will reside in the Apple Wallet.

The move on the part of Apple to include P2P payments with the new iOS 11 and watchOS 4 comes at a time when the company is trying to get Apple Pay in the hands of more users. Earlier this month, Didi, the Uber of China (and, in fact, the local service that gobbled up Uber China last August) announced it has added Apple Pay support to its Didi Premier, Didi Express and Didi Luxe personal mobility services, in addition to its partner station-less bike rental service ofo, according to a TechCrunch news report.

Apple Pay is standard fare on any iOS device, allowing users to authenticate payments biometrically – today, with their fingerprints, and soon using Face ID on the forthcoming iPhone X. That’s on top of other iOS features Didi already supported, including Siri-powered ride hailing from within the Maps app or via the Apple Watch. With the addition of support by Didi, Apple Pay joins the likes of WeChat, Alipay, QQ Wallet, international credit cards and CMB all-in-one net payment, all of which power Didi’s core services. It also comes at a time of increased competition from Fitbit, which recently launched the Ionic smartwatch.


Source (Pymnts, 2017)

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Avoid being hit by the Government’s credit card surcharge ban with Cheaper Pay!

As of January 2018, businesses will be stripped of their ability to add any surcharges to their card transactions.

Airlines, fast-food chains and small businesses will be those who suffer most from the ban, but there are ways in which these companies can make up for this potential loss of capital.

Cheaper Pay’s industry-leading payment solutions come in at a staggering 40% cheaper price than the likes of WorldPay, Barclays and Lloyds – offering terrific value for money, as well as bearing the costs that may be lost in profit once these government changes come in to fruition next year.

Having provided UK businesses with the crème de la crème of payment technology for over a decade, Cheaper Pay are well placed to install the ideal payment system that is perfect for your business’s needs.

For a FREE no-obligation quote, get in touch with one of our specialist advisers today on 03301 242 537.

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Contactless payments are ready to donate a helping hand!

Contactless Payments are set to become increasingly involved in charity fundraising appeals. The move comes as statistics published late last year showed an incredible rise in the amount of money spent with contactless devices.
According to the UK Card Association, November 2016 saw a £2,903m spend in the UK through contactless mediums – an incredible 183% rise on the previous year.
Now, that incredible figure is set to be translated onto the fundraising scene, with many charities recognising that people are more inclined to spend contactlessly than with spare cash.
Some major charities have already began trialling the scheme, with the 2015 Red Nose Day producing statues that housed contactless payment points where people could donate.
Furthermore, The Blue Cross then introduced a scheme in 2016 where people could ‘Pat and Tap’ the dogs on show to donate £2.
With contactless payments on the rise, the increasing ingenuity of charities to use these schemes as a means of increasing fundraising totals is something that will definitely increase during the coming months and years.

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Tech note, everyone – wearable technology is on the move!

We have often associated wearable technology with the fitness industry. Companies such as FitBit have produced spectacular results in this field, harnessing the ability to track and manage anything from distance run to calories burned over a certain period of time.
However, wearable tech is now leaving the wellbeing scene behind and advancing on to a period of world domination.
Advanced wearable biometrics can be used as a form of authentication for a number of things.
NEC corporation has recently adopted the software to identify people placed on ear readings – something previously unprecedented in the industry.
“The system enables biometric authentication via the otoacoustic emission, a sound made by the inner ear when the cochlea is stimulated, arising from the vibration of hair cells,” reports mobileidworld.
“According to a statement from NEC, its earbud device’s “otoacoustic authentication technology… recognizes the characteristics of a user’s ear”, suggesting that the emission is used to map the shape of the inner ear, which is presumably unique to the individual.”
The advancement of contactless, wearable technology is a clear indication of the continued progress of our industry.
The technical possibilities are endless – and NEC confirms this with future plans to commercialise the technology soon.
NEC plans to offer “services that combine individual authentication, indoor positioning, acoustic AR (augmented reality), vital sensing and other technologies”, according to NEC Business Development Division General Manager Tomonori Kumagai.
The contactless revolution has only just begun – don’t get left behind.

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Fingerprint Tech: A New Age Of Payments

Credit card payments have come a long way; from chip & pin to contactless taps, card payments are being revolutionised everyday. However, another form of payment has come to the forefront of business payment solutions.

Currently, fingerprint technology is worth an estimated $2billion a year in Japan, and is growing rapidly due to it’s convenience for both the consumer and the business.

What is fingerprint technology and how does it work?

Fingerprint tech is revolutionising the way consumers pay for their goods. It begins with the consumer purchasing a credit card that has their fingerprint stored within the details. After that, they simply pay for their goods by placing their finger on a fingerprint scanner at the checkout. And as simple as that, they get to walk away with their goods in hand.

What are the benefits of fingerprint technology?

If contactless cards worried consumers, then fingerprint payment is the ideal solution. For example, if the consumer forgets their card or loses it before paying, they simply need to scan their fingerprint and walk out of the store. Not only will this save them time, but also means your business does not lose profit it otherwise might have. As well as the additional monetary benefit, workplace efficiency is almost doubled due to the quick nature of the payment.

Fingerless payments are looking to replace or become an alternative to Apple Pay; a market that is also growing rapidly due to it’s convenient nature. It also has the added benefit of total security. There may even come a time when the consumer will no longer need to carry card or cash – simply their fingerprint. Although there might be limitations (for example not being able to use multiple fingerprints for different bank accounts) the security of the process simply cannot be denied for both the consumer and the business.

Here are CheaperPay we understand the need for your business to stay ahead of the curve without the added costs – so we’re offering a limited time offer of 3 months FREE when you sign up for our service!

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Selfies And Contactless Rings: New Ways To Pay

The way we pay for goods is changing. Get ready for Selfie Pay, contactless payment rings and iris scanners.

What if you could use a selfie to pay for things? How about the rhythm of your heart?

New technologies that could change the way we buy things have been shown off at the Gherkin as part of London Tech Week.

Selfie Pay takes everyone’s favourite vanity exercise and makes it useful: allowing you to authorise a transaction with your face.

The app requires you to blink so it knows you’re really there and someone isn’t using a photo of you to fraudulently authorise a transaction.

The idea is to get rid of the need for passwords, instead using biometrics: unique data based on individual characteristics like your face, eyes or fingerprint.

“If you think about passwords, they’re a standalone measure,” said Jane Khodos from MasterCard. “They’re easily lost, stolen or forgotten.

“Here you’re authenticating with what you have: your phone and also who you are.”

You could use this kind of tech to buy goods, pay for bus or train fares, or to log into your computer.

We also saw more of Nymi: a wearable wristband that can identify you by the unique rhythm of your heart, found in your electrocardiogram (ECG).

Your heart rhythm is not to be confused with your heartbeat, so the band would still work if you had just run for a bus, for example.

“We’re also very concerned about the security issues, it’s something that’s top of the mind for us,” said Amy Neal from MasterCard Labs, the company’s research and development division.

It is not just biometrics that could change payments.

Kerv is said to be the world’s first contactless payment ring: a simple piece of technology that essentially means you are wearing a contactless payment card.

Payment tech inventors emphasise that there is no need to choose just one of these products.

“You can start to bundle biometric authentication together,” says Ms Neal. “So you might have Selfie Pay, but also the electrocardiagram for additional security.

“We hear stories like people are concerned that they may have an identical twin, so what does that mean if you’re doing selfie pay?

“For us this is ensuring that we have a full suite of biometrics available.”

The Kerv ring is due out in July, Selfie Pay comes out in the UK this year and the Nymi band and iris scanner are both still in development.


Team, T.S. (2016) Selfies and Contactless rings: New ways to pay. Available at: http://news.sky.com/story/selfies-and-contactless-rings-new-ways-to-pay-10323052 (Accessed: 15 July 2016).

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London’s contactless Tube payment system is going global

Other cities will soon be able to use TfL technology to develop their own contactless payment systems.

The contactless payment system used on London’s transport network will soon be modified for use in other cities.
A deal between Transport for London (TfL) and transportation firm Cubic will see the latter adapt the contactless ticking system and license it around the world. The deal, worth up to £15 million, will help TfL ensure fares don’t rise for the next four years, the mayor’s office said.

Cubic will be given access to London’s contactless system to allow it to tailor it to other transportation networks. The company first worked with TfL in 2003 to develop the technology behind Oyster and has since helped upgrade the system to support contactless payments from debit cards, Apple Pay and Android Pay.

Outside London, CTS provides similar ticketing technology to Brisbane, Chicago, Sydney and Vancouver. The non-exclusive deal with TfL will allow the company to integrate technology developed for London’s network into other transport systems.
According to TfL, more than 500 million journeys have been made by more than 12 million unique credit and debit cards since the contactless system launched on London’s busses in December 2012. The technology was expanded to cover Tube and rail in September 2014 and has been used by customers from 90 different countries with one in ten contactless transactions in the UK made on TfL’s network.

Cubic continues to run TfL’s ticketing and fare collection services on 8,500 busses, 1,900 Underground and Overground ticket gates and 1,600 ticket machines across the network.


Temperton, J. (2016) London’s contactless tube payment system is going global. Available at: http://www.wired.co.uk/article/london-underground-contactless-payments-licensing-deal (Accessed: 15 July 2016).

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Apple Pay is coming to the web – but there’s a catch

Apple Pay will soon be available on in browsers on macOS and iOS, but payments will still have to be authenticated on an iPhone.

Following months of rumours, Apple has confirmed it is launching Apple Pay on the web.

The feature was unveiled at the annual Worldwide Developer Conference and will let you pay for goods through Safari on macOS and iOS. Payments will still need to be authenticated using a fingerprint-enabled iPhone or the Apple Watch.

When customers are browsing on supported websites – such as Crate and Barrel and lululemon – an Apple Pay button will appear. It will work in a similar way to Apple Pay on apps.

Previously, to use Apple Pay iPhone users could store their card details into the contactless system and use NFC to tap and pay for goods in participating stores. Alternatively, they could use Apple Pay to buy items on selected iPhone apps.

Today’s announcement expands this to the web. People shopping on a website on a Mac, or via Safari on their phones, will get a notification on their iPhone to confirm the transaction, which this is done using TouchID.


Apple Pay will be limited to £20 until September, when payments up to £30 will be allowed

Apple Pay will be limited to £20 until September, when payments up to £30 will be allowed

This means users won’t have to manually enter credit card information on individual websites or store them online when buying goods because the payment – and security – is routed through the Apple Pay system.

The new features are due to start rolling out to the UK and US countries “soon” and WIRED has contacted Apple to get more information and details of supporting websites.

Apple Pay launched in the UK last year and brought the contactless payment system to stores including Boots, Costa, Lidl, Marks & Spencer and Nando’s.

More than 250,000 shops across the UK now accept Apple Pay, with Transport for London also supporting the payment method on its network. The UK was the second country to get Apple Pay after the service launched in the USA in October 2014.


Woollaston, V. (2016) Apple pay is coming to the web – but there’s a catch. Available at: http://www.wired.co.uk/article/apple-pay-web (Accessed: 12 July 2016).

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WIRED Money 2016 Startup Stage: new ways to pay

Want to save £1 every time you run a mile? How about a keyboard that lets you pay from WhatsApp?

What will be the next fintech breakthrough? On June 23, 16 startups from around the world gathered at the British Museum in London to pitch on the WIRED Money Startup Stage.

From blockchain to alternative lending and working in emerging markets, the startups had five minutes to pitch their ideas to our expert judges. On the panel, Marisol Menéndez Alvarez, open innovation manager at BBVA; Yann Kandelman, head of investment at Orange Digital Ventures and James Temperton, acting deputy editor of WIRED.co.uk.

These pitches are all focused on digital-only banks and new ways to pay.

Modern Lend

WIRED Money 2016 Startup Stage winner

If you’re coming to the US to work or study, getting credit and loans can be tricky. Kobina Ansah, co-founder and CEO of ModernLend is trying to change that. His startup uses alternative data metrics to provide credit cards and loans to creditworthy international citizens shut out of the US system.

Traditional banks may decline borrowers who lack a US credit history, says Ansah. These people, hugely creditworthy in their home countries, are unable to borrow in the US as they lack a credit history or social security number. The startup is already working with the international student offices at the University of Pennsylvania and NYU and will launch its first card for international citizens this autumn.

Oval Money

Saving is a $35 trillion global market, but only 18 per cent of young adults save with a major financial institution. Benedetta Arese Lucini, co-founder and CEO of Oval Money, wants to make it more fun. The savings app uses MangoPay to create a digital wallet that lives on a user’s smartphone.

Oval Money gamifies saving using an ‘If This Then That’ model to tap into pretty much any API: run five miles? Save £1. Buy something from Amazon? Save five per cent of the total purchase. Oval Money can also use micro-transactions, making it easy to save tiny amounts regularly to build up a large pot.


Herzliya, Israel-based PayKey wants to make it easy to pay for goods within any app. The idea is simple, Dario Mutabdzija, president and head of business development: a white-label keyboard for iOS that lets anyone transfer money to anyone else in an app. According to Mutabdzija, incumbent banking and payment apps aren’t contextual or “integrated into the daily lives of consumers”.

As PayKey is totally service agnostic, it can work anywhere, so users can pay within Twitter, Instagram, Facebook, WhatsApp – wherever.


If you’ve got kids, there’s a chance you already provide them with financial services – but you probably call it pocket money. Robin aims to “connect kids to the financial world through their parents in a safe way,” says Robin CEO Rogelio Valdés Garcia. The app, which links a wallet with a parent’s bank account, uses gamification to encourage responsible saving and money management.

When it launches Robin will charge £2 per month to use the service and hopes to partner with banks to move children onto real accounts when they are old enough.


Temperton, J. (2016) WIRED money 2016 startup stage: New ways to pay. Available at: http://www.wired.co.uk/article/wired-money-2016-startup-stage-digital-banks (Accessed: 11 July 2016).